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R-58-12 Accepting the Comprehensive Annual Financial Report (CAFR) for FY 11-12Resolution No. � -SY-12- A RESOLUTION ACCEPTING THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) FOR FISCAL YEAR 2011 -2012. BE IT RESOLVED by the Village President and Board of Trustees of the Village of Lemont as follows: SECTION ONE: The Village Board accepts the CAFR as prepared by the Village of Lemont and independently audited by Baker Tilly Virchow Krause, LLP. SECTION TWO: The Village Administrator is hereby authorized to release and make available the CAFR for FY 11 -12. PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL AND DUPAGE, ILLINOIS on this 24th day of September, 2012. PRESIDENT AND VILLAGE BOARD MEMBERS: Resolution for accepting FYI 1-12 Audit AYES: NAYS: ABSENT: ABSTAIN Debby Blatzer Paul Chialdikas Clifford Miklos Ron Stapleton Rick Sniegowski Jeanette Virgilio BRIAN KikEAVES President ATTEST: CHARLENE A. SMOL EN Village Clerk Resolution for accepting FYI 1-12 Audit VILLAGE OF LEMONT LEMONT, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED APRIL 30, 2012 Officials Issuing Report Benjamin Wehmeier, Village Administrator Theodore Friedley, Treasurer THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF LEMONT, ILLINOIS TABLE OF CONTENTS AS OF AND FOR THE YEAR ENDED APRIL 30, 2012 Pake(s) INTRODUCTORY SECTION Elected and Appointed Officers and Officials ....................... .............................................. _ i OrganizationalChart .................... — ........... ...................... ...... -_ ..................................... ii Certificate of Achievement for Excellence in Financial Reporting ......... ............................... U) Letterof Transmittal .............. ................................................... ......... ................... ............. iv - IX FINANCIAL SECTION INDEPENDENT AUDITORS' REPORT....... ... -.1— ........ - ........ 1— .............. ...... ...... .... 1-2 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Required Supplementary Information — (Unaudited) I'vianagement's Discussion and Analysis... ........... ......................... ............ 3 -17 Basic Financial Statements Govem.ment-Wide Financial Statements ,Statement of Net Assets... ....................... ...................... ....... ............................ 18 Statement of Activities ..................................... ...... .......... .......... ................ 19-20 Fund Financial Statements Governmental Funds BalanceSheet ............................................................................... ...... 21 -22 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Assets.. .................... .... 23 Statement of Revenues, Expenditures and Changes in Fund Balances .............. 24 -25 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Governmental Activities in the Statement of Activities .................................... .................. 26 VHA,AGE OF LEMONT, ILLINOIS TABLE OF CONTENTS (CONTINUED) AS OF AND FOR THE YEAR ENDED APRIL 30, 2012 IL39e-cs) FWANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements (Continued) Fund Financial Statements (Continued) Proprietary Funds Statement of Net Assets .............. -- ....... I .......... ........ .......................... 27 Statement of Revenues, Expenses and Changes in Net Assets .......................... 28 Statement of Cash Flows .............. ...... ...................... ...... ......... .......... 29 Fiduciary Funds Statement of Fiduciary Net Assets .............................................. ....... -- ......... 30 Statement of Changes in Fiduciary Net Assets ... ........... .......... -- ...... ....... 31 Notes to Financial Statements ................ " ...... ................ ........ ............................ 32 - 75 Required Supplementary Information — (Unaudited) Schedule of Funding Progress Illinois Municipal Retirement Fund ................... .. ...... ................................... 76 PolicePension Fund ........................ ...... ........... ... ................................................ 77 Otlier-Postemployment Benefit Plan ........ ......... ................ --- ...... ................. 78 Schedule of Employer Contributions Illinois Municipal Retirement Fund ............ ...... ............. ............. 79 Police Pension Fund ................. — ....... -- ..................... ................. — ....................... 80 Other Postemployment Benefit Plan ..... ............................... -................... 81 Schedule of Revenues, Expenditures and Changes in Ftuid Balance - Budget and Actual GeneralFund ............. ........................ ................... ......... ...... ...................... .... 82 'nFIDowntown Canal District No. I Fund ............................... - ................. ........... 93 TEF/Downtown Fund . — ...... --- ............ -- .................. ....... ...... ......................... - 84 Gateway TIF District Fund ........................ -- ......................................................... 85 Notes to the Required Supplementary Information Budgets-- ........ ..................... ...... .................... ......... ............ .............. 86-87 VILLAGE OF LENJONT, ILLINOIS TABLE OF CONTENTS (COTTI NUED) AS OF AND FOR THE YEAR ENDED APRIL, 30, 2012 Paged F[NAlNCLAL: SECTION (Continued) COMBIMNG AND IND[VIDUAL FUND FINANCIAL. STATEMENTS ANTI) SCHEDULES MAJOR GOVERNMENTAL FUNDS Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual DebtService Fund .................................................................... ............................... 88 Road Improvement Fund .......................................................... ................ ............... 89 Gateway Property Acquisition Fund ........................................ ............................... 90 NONMAJOR GOVERNMENT- AL FUNDS Combining Balance Sheet .............................................................. ............................... 91 Combining Statement of Revenues, Expenditures and Changes in Fund Balances....... - -- - ,_ .................. . . .... _._............... 92-93 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Motor Fuel Tax Fund-....__ ..................... ........... ....... ............... 94 ....... .......... ... . Illinois Municipal Retirement Fund., ...................................... ............................... 95 SocialSecurity Fund ................................................................. ............................... 96 WorkingCash Fund ......................................................... ............................... ...... 97 Special Service Area Fund ....................................................... ............................... 98 General Capital Improvement Fund ........................................ ............................... 99 Village Hall Lnprovement Fun. d ............................................. ............................... 100 MAJOR PROPRIETARY FUND Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual - Non -GAAP Budgetary Basis Waterworks and Sewerage Fund .............................................. ............................... 101 NONMAJOR PROPRIETARY FUND Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual - Non -GAAP Budgetary Basis Parking Lot and Garage Fund ................................................... ............................... 102 THIS PAGE IS INTENTIONALLY LEFT BLANK 0 VILLAGE OF LEMONT, ILLINOIS TAB.LI" OF CONTENTS (CONTINUFD) AS OF AND FOR THE YEAR ENDED APRIL 30, 2012 Page(s) FIDUCIARY FUNDS Schedule of Changes in Net Assets and liabilities — Agency Funds . 103 Schedule of Changes in Fiduciary Net Assets - Budget and Actual PolicePension Fund ................................................................. ............................... 104 STATISTICAL SECTION Financial Trends Net Assets by Component Including TIF Activity - Last Nine Fiscal Years..,,,...... ........... 105 Change in Net Assets Including TIF Activity - Last Nine Fiscal Years., ...... .................... 106- 109 Fund Balmtces of Governmental Funds - Last Ten Fiscal Years ......... ............................... I.10 Changes in Fund Balances of Governmental Funds - LastTen Fiscal Years ............... ...................................................... .. .......................... ....... HI -112 Revenue Capacity Assessed and Estimated Actual Value of Taxable Property by Classification - LastTen Levy Years .......................................................................... ............................... 113 Property Tax Rates - Direct and Overlapping Govemruents - LastTen Levy Years .................. ............................................... ......... ....,.............. ............. 114 - 115 Principal Property Taxpayers - Current Year and Nine Years Ago.... ................ 116 Property Tax Levies and Collections - LastTen Levy Years .......................................................................... ............................... 117 Debt Capacity Ratios of Outstanding Debt and General Bonded Debt I-ast Teri Fiscal Years... ....... ................................................... J 18 Ratios of Net General Bonded Debt Outstanding - J ,ast Ten Fiscal Years ......................................................................... ............................... 119 Direct and Overlapping Bonded Debt .................................................. ............................... 120 Legal Debt Margin Information - Last Ten Fiscal Years .......... . --- . ....... I ......... .................... 121 Schedule of Revenue Bond Coverage - Last Ten Fiscal Years ........... ............................... 122 Ratios of Outstanding Debt by Type - Including TIF Activity - Last Ten Fiscal Years .......................... ............................... ................... - 124 Ratios of Outstanding Debt by Type - Excluding TIF Activity - Last Ten Fiscal Years ............................... ................... ....... 125 Demographic and Economic Information Demographic and Economic Information - Last Ten Fiscal Years ..... ............................... 126 Principal Employers - Current Year and Fourteen Years Ago ............ ............................... 127 Operating Information Full -Time Equivalent Employees - Last Ten Fiscal Years .................... 128 Aerating Indicators - Last Ten Fiscal Years—_ ....................... .. Capital Asset Statistics - Last Ten Fiscal Years 129 .............. 130 THIS PAGE IS INTENTIONALLY LEFT BLANK